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Most of us associate the word currency with money. But
informal nonmonetary currencies are still flourishing.
Exchanges of this kind have taken place for centuries. Probably
most cultures across the globe incorporate favor
exchange in their trading practices.

Nowhere is this more useful than in the business world, where a
favor from the right individual can completely change the
trajectory of a company.

There is, however, a catch: Pursue too many of these asks without
granting any in return and you risk “defaulting” on the favor
exchange and jeopardizing your credibility. The following
dos and don’ts will help you reap the benefits of the favor
economy without bankrupting your credibility:

1. Meet with anyone and everyone. Having a
diverse network is especially handy in the favor economy. Every
time you feel exhausted and want to bail on a networking event,
remember that happy hour could lead to a
lifelong business connection.

The more you work to establish and maintain connections across
continents and sectors, the likelier you'll be to have the right
person in your corner when it's time to turn outward for
help. Show up to that happy hour for 40 minutes and you’ll be
glad you did.

2. Follow up and check in. Maintain a
connection with contacts through coffee meetings, lunches
and occasional emails. Try to always be helpful when
corresponding, whether recommending new software or the next
epicurean hot spot. Remember there’s a fine line between politely
checking in and wasting someone’s time. Keep the message short
and sweet.

3. Don't ask too early. In the same way
that you wouldn’t ask a new workout buddy to help you move across
town, don’t ask too much of a brand-new acquaintance. It may be
hard to think past the urgent action item of the moment, but
waiting until you’ve established some credibility will lead to a
more positive long-term relationship.

4. Be strategic with your asks. Know that
you have a limited quantity of favors, the exact number
being roughly governed by the extent of your relationship
with the individual, how you have helped that person in the
past and the amount of time and energy that each request
requires.

Be cognizant of the circumstances and weigh the pros and cons of
cashing in on a particular favor, especially if it requires a
contact to tap into his or her network. Likewise, be strategic
with your time when helping others and recognize when a
relationship turns from a “give-give” situation into a
“give-take” dynamic. The former is beneficial to all. The latter
is toxic to anyone trying to succeed.

5. Be considerate. Try to empathize with
the person you’re asking a favor of. What is this
individual's opportunity cost for helping you? Would you
accommodate the same request? Is it a particularly busy time for
this person?

Be sure to express appreciation for the time spent
in helping you and think thoroughly about the request
beforehand to be sure it is framed to be as convenient
as possible for your contact.

6. Don't be shy. Once you’ve
built a few relationships and come through for your contacts
more than once, don’t be shy about asking for favors in return.
Even if your contact is Ryan Seacrest-level busy, you have the
right to make the ask as long as you’ve properly laid the
foundation. You may have to follow up more than once. Be politely
persistent and always give a person the option of an out,
allowing for the fact that the person may not want to oblige.

7. Be specific. Always know exactly
what you need, and communicate it clearly and effectively. Run
your request by a colleague or friend to help ensure
the request will be interpreted correctly. Fail to do this
and you risk the possibility that your contact misunderstands
the request and presents you with the wrong outcome: an
awkward situation at best or a wasted ask at worst.

Adopt these strategies and you’ll be amazed at the kind of value
that you can generate sans actual cash.